China Electric Bus Industry Report, 2018-2021

June 2018 STUDY GOAL AND OBJECTIVES METHODOLOGY This report provides the industry executives with strategically signifisignificantcant Both primary and secondary research methodologies were used competitor information, analysis, insight and projection on the in preparing this study. Initially, a comprehensive and exhaustive competitive pattern and key companies in the industry, crucial to the search of the literature on this industry was conducted. These development and implementation of effective business, marketing and sources included related books and journals, trade literature, R&D programs. marketing literature, other product/promotional literature, annual reports, security analyst reports, and other publications. REPORT OBJECTIVES Subsequently, telephone interviews or email correspondence  TtblihTo establish a compre hiftlhensive, factual, annua lldtddtlly updated and cost- was conducted with marketing executives etc. Other sources effective information base on market size, competition patterns, included related magazines, academics, and consulting market segments, goals and strategies of the leading players in the companies. market, reviews and forecasts.  To assist potential market entrants in evaluating prospective INFORMATION SOURCES acquisition and joint venture candidates. The primary information sources include Company Reports,  To complement the organizations’ internal competitor information and National Bureau of Statistics of etc. gathering efforts with strategic analysis, data interpretation and insight.  To suggest for concerned investors in line with the current development of this industry as well as the development tendency .

 To help company to succeed in a competitive market, and Copyright 2012 ResearchInChina understand the size and growth rate of any opportunity. Room 509, 1+1 Building, No. 10, Caihefang Road, Haidian District, Beijing, China 100080 Phone: +86 10 82600828 ● Fax: +86 10 82601570 ● www.researchinchina.com ● [email protected] Abstract

Due to rushed installation in 2016, the output of electric buses fell by 22.2% over the previous year in China, to 105,000 units in 2017. Higher threshold of new energy bus subsidy policies greatly affected the Chinese new energy bus market in the first half of 2017. The market picked up in the second half of the year because of clearer trend in policy adjustment. Besides subsidies, there are more policy supports for new energy vehicle, and the demand from city bus and coach going electric will continucontinuee to expand over the next couple of years. However,t, the new energy bus market is still dominated by city bus and logistics vehicle, and other passenger transport markets remain to be tapped.

The new subsidy policy, introduced in Feb 2018, put forward higher requirements on Ekg compared with the 2017 version. The subsidies for plug-in electric bus were halved on the basis of the 2017 level.

Output mix: In 2017, battery electric bus output was 88,556 units, down 23.4% year on year and accounting for 84.2% of total new energy buses; 8-10m and 10m-and-above battery electric bus models prevailed.

About 76% of city bus sales in 2017 were new energy ones, but its penetration in bus stock market in tier-three or four cities remains low. Given that the country lowers subsidies for fuel-ppyowered city-bus yyygear after year and gives more su ppypport for electric city bus and the positive externality of new energy city-bus towards municipal administration and environment is distinct, it is expected the trend of city-bus going electric will continue and the penetration of new energy buses in existing city buses will be lifted further. Provinces like Guangdong, Hebei, Henan, Shaanxi and Hainan have rolled out plans to help implementation of new energy city bus promotion programmes.

Against the backdrop of subsidy transition, new energy bus shined in the first quarter of 2018, with single-season sales totaling 8,607 units, a year-on-year upsurge of 320.7%, including 8,198 city buses or 95.2%, up 308.67% over the same period of last year, largely thanks to extension of the 2017 subsidy policy. Following the end of transitional period, the subsidies come down but technical requirements grow stricter. Moreover, new capacity built in the past few years under the stimulation of policies will go into production. As a result, output and sales of new energy buses are unlikely to grow remarkably; the industry will be further reshuffled, with small new energy bus producers utterly relying on subsidies to be phased out from the market.

Copyright 2012ResearchInChina Room 509, 1+1 Building, No. 10, Caihefang Road, Haidian District, Beijing, China 100080 Phone: +86 10 82600828 ● Fax: +86 10 82601570 ● www.researchinchina.com ● [email protected] Given increments contributed by urbanization to the city bus market, especially the new energy city bus increments in tier-three or four cities, as well as higher penetration in intercity coach market following maturitmaturityy of new energy technology and cost reduction, the output and sales of new energy buses are expected to surpass 150,000 units in 2021.

China Electric Bus Industry Report, 2018-2021 focuses on the followings:

Significance of electric bus popularization, status quo, and trends at home and abroad

Mainstream technical routes of electric bus in China, status quo and trend of bus battery, motor and electronic control industry chain;

Major subsidies for purchase (tax reduction & exemption and fiscal subsidies) and for use as well as popularization policies in China electric bus industry;

China’s electric bus production, sales and future trend, competition pattern, market share, sales forecast, investment and capacity of major electric bus enterprises;

China’ s electric city bus sales, penetration, subsidy policies, etc.; Level of technology, scale of production and sales, capacity and development planning of 12 major electric bus manufacturers in China.

Copyright 2012ResearchInChina Room 509, 1+1 Building, No. 10, Caihefang Road, Haidian District, Beijing, China 100080 Phone: +86 10 82600828 ● Fax: +86 10 82601570 ● www.researchinchina.com ● [email protected] Table of contents

4 Chinese Electric Bus Market 5.3.4 Bus Businesses 1 Overview of Electric Bus 4.1 Electric Bus Market 5.3.5 Bus Capacity 1.1 Significance of Promotion 411O4.1.1 Overa ll 54N5.4 Nan jing Go lden Dragon Bus Co., Ltd. 1.2 Environmental Friendliness and Economy 4.1.2 Electric City Bus Market 5.4.1 Profile 1.2.1 Environmental Friendliness 4.1.3 Competition among Enterprises 5.4.2 Electric Bus Business 1.2.2 Economy 4.1.4 Investment and Capacity 5.5 Zhongtong Bus Holding Co., Ltd. 1.3 Status Quo and Trends of Promotion in China 4.2 Bus Market 5.5.1 Profile 1. 3. 1 Main Varieties of Electric Buses Being Promoted 4.2.1 Overall 5.5.2 Operating Data 1.3.2 Electric Intercity Coach Will Be New Growth Driver 4.2.2 Competition among Enterprises 5.5.3 Electric Bus Business 1.3.3 Battery Electric City Bus Will Be Main Direction 5.5.4 Bus Business over the Next Four Years 5 Chinese Electric Bus Manufacturers 5.5.5 Bus Capacity 1.4 Status Quo and Trends of Promotion Abroad 5. 1 Zhengzhou Bus Co., Ltd. 565.6 Beiqi Co., Ltd. 1. 4. 1 Stat us Q uo of El ect ri c Cit y Bus Promo tion Abroa d 5.1.1 Profile 5.6.1 Profile 1.4.2 Technical Trends of Electric City Bus Abroad 5.1.2 Operating Data 5.6.2 Operating Data 5.1.3 Electric Bus Business 5.6.3 Electric Bus Business 2 Industry Chain 5.1.4 Bus Businesses 5.6.4 Bus Business 2.1 Technology Roadmap 515B5.1.5 Bus Capac ity 565B5.6.5 Bus Capac ity 2.2 Battery 5.1.6 Spare Parts 5.7 Shanghai Sunwin Bus Corporation 2.3 Electric Motor and Controller 5.2 BYD 5.7.1 Profile 5.2.1 Profile 5.7.2 Electric Bus Business 3 Major Industrial Policies 5.2.2 Operating Data 5.7.3 Bus Businesses 3. 1 Purchase Tax Relief 5.2.3 Electric Bus Business 5.7.4 Capacity 3.2 Financial Subsidies 5.2.4 Battery Business 5.8 Hunan CSR Times Electric Vehicle Co., Ltd. 3.2.1 New Energy Bus Subsidy Policies in 2018 5.2.5 Electric Vehicle Business 5.9 Anhui Automobile Co., Ltd. 3.2.2 Fuel-cell Bus Subsidy Policies in 2018 5.3 Xiamen Motor Group Co., Ltd. 5.10 Jinhua Automobile Manufacturing 3.3 Fuel Subsidy Removal Policy 5.3.1 Profile 5.11 Chongqing Hengtong Bus Co., Ltd. 34EVP3.4 EV Promo tion Po liilicies 5.3.2 Operating Data 5.12 Shenzhen Motors Co., Ltd. 5.3.3 Electric Bus Business Room 509, 1+1 Building, No. 10, Caihefang Road, Haidian District, Beijing, China 100080 Phone: +86 10 82600828 ● Fax: +86 10 82601570 ● www.researchinchina.com ● [email protected] Selected Charts

• City Bus Ownership in China, 2008-2017 • Structure of Urban Passenger Traffic in China, 2011-2017 • Vehicle Pollutant Emission • CO2 Emission of Various City Buses Per Km (g/km, vehicle) • Pollutant Emission of Various City Buses inside City (Kg/a, vehicle) • Pollutant Emission of Various Cityyy(g) Buses outside City (Kg/a, vehicle) • Overall Pollutant Emission of Various City Buses (Kg/a, vehicle) • Total Costs of Various City Buses during Whole Life Cycle – before Subsidies (RMB10,000) • Total Costs of Various City Buses during Whole Life Cycle – after Purchase Subsidies (RMB10,000) • Total Costs of Various City Buses during Whole Life Cycle – after Purchase and Fuel Subsidies (RMB10,000) • Results of Comprehensive Comparison among Different Technology Roadmaps • Promotion of Electric City Buses Worldwide • Technical Sketch Map of Wireless Charging City Buses • London Online Fast-Charging Electric City Bus Network Planning for 2020 • Shared V ehi cl e Ch arg ing In fras truct ure f or Cit y Buses an d Pr iva te Cars • Technical Parameters of Electric City Buses with Different Technology Roadmaps • EV Battery, Motor, Electric Control Industry Chains • Requirements of Electric Vehicle on Performance of Battery and Battery System • Power Batteries for the 294th Catalogue of Battery Electric Bus Models • Motor and Controller Supply Relationship of Major Electric Bus Enterprises • MIIT’s 4th-17th Catalogue of Vehicle Models Exempted from Purchase Tax, 2015-2017 • Subsidy Standards for Electric Buses in China (Central Finance), 2018 • Changes in Central Financial Subsidies for Electric Vehicles in China, 2016-2018 • Subsidy Standards for Fuel Cell Vehicle in China, 2018 • Subsidy Standards for Energy-saving and New Energy Buses in Operation (2015-2019) Room 509, 1+1 Building, No. 10, Caihefang Road, Haidian District, Beijing, China 100080 Phone: +86 10 82600828 ● Fax: +86 10 82601570 ● www.researchinchina.com ● [email protected] Selected Charts

• List of Cities or Areas Where Application of New Energy Vehicles Is Promoted (First Batch) • List of Cities or Areas Where Application of New Energy Vehicles Is PromotePromotedd (Second Batch) • Electric Bus Output in China, 2013-2021E • Monthly Electric Bus Output (by Type of Power) in China, 2017 • Electric Bus Output in China (by Length), 2015-2017 • Electric Bus Output in China (by Purpose), 2013-2021E • Penetration of Electric City Bus in Established Bus Market in China, 2014-2016 • Electric City Bus Sales Volume and Electrification Rate in China, 2009-2017 • Electric City Bus Sales Volume and Electrification Rate in China, 2018-2021E • Electric City Bus Ownership in Major Cities of China • Subsidies for Price Increase of Bus-use Refined Oil Decrease from the Base in 2013 (%) • Proportion of New Energy City Buses in New Buses in Key Air Pollution Areas (%) • New Energy City Bus Promotion Plans of Provinces and Cities, 2017-2020E • Top 10 Manufacturers of New Energy Buses by Output in China, 2015 • Top 10 Manufacturers of New Energy Buses by Output in China, 2016 • Top 10 Manufacturers of New Energy Buses by Output in China, 2017 • Output and Market Share of Top10 Battery Electric Bus Enterprises in China, 2015 • Output and Market Share of Top10 Battery Electric Bus Enterprises in China, 2016 • Output and Market Share of Top10 Battery Electric Bus Enterprises in China, China, 2017 • Top 10 Manufacturers of Plug-in Hybrid Electric Buses by Output in China, 2015 • Top 10 Manufacturers of Plug-in Hybrid Electric Buses by Output in China, 2016 • Top 10 Manufacturers of Plug-in Hybrid Electric Buses by Output in China, 2017 • Battery Electric Bus Sales Volume of Main Electric Bus Enterprises in China, 2012-2017 • Electric Bus Investment in China, 2009-2017 • Bus Output (Including Bus and Bus Chassis) in China, 2015-2021E Room 509, 1+1 Building, No. 10, Caihefang Road, Haidian District, Beijing, China 100080 Phone: +86 10 82600828 ● Fax: +86 10 82601570 ● www.researchinchina.com ● [email protected] Selected Charts

• Bus Sales Volume (Including Bus and Bus Chassis) in China, 2015-2021E • Monthly Bus Sales Volume in China, 2016-2017 • Bus Sales Volume in China (by Model), 2015-2021E • Monthly Bus Sales Volume in China (by Model), 2017 • Bus Sales Structure by Model, 2011-2017 • Bus Sales Volume in China (by Length), 2016-2017 • Bus Sales Volume in China (by Purpose), 2016-2017 • Top 10 Enterprises by Large Bus Sales Volume, 2015 • Top 10 Enterprises by Large Bus Sales Volume, 2016 • Top 10 Enterprises by Large Bus Sales Volume, 2017 • Mar ke t Sh are of T op 10 E nt erpri ses b y L arge Bus Sa les Vo lume in China, 2017 • Top 10 Enterprises by Medium Bus Sales Volume, 2015 • Top 10 Enterprises by Medium Bus Sales Volume, 2016 • Top 10 Enterprises by Medium Bus Sales Volume, 2017 • Market Share of Top 10 Enterprises by Medium Bus Sales Volume in China, 2017 • Top 10 Enterprises by Light Bus Sales Volume, 2015 • Top 10 Enterprises by Light Bus Sales Volume, 2016 • Top 10 Enterprises by Light Bus Sales Volume, 2017 • Market Share of Topppyg 10 Enterprises by Light Bus Sales Volume in China , 2016 • Market Share of Top 10 Enterprises by Light Bus Sales Volume in China, 2017 • Top10 Shareholders of Zhengzhou Yutong Bus, 2017 • Operating Results of Zhengzhou Yutong Bus, 2012-2018Q1 • Revenue Breakdown of Zhengzhou Yutong Bus by Region, 2012-2017 • R&D Costs of Zhengzhou Yutong Bus, 2011-2017 • Performance Forecast of Zhengzhou Yutong Bus, 2016-2020E Room 509, 1+1 Building, No. 10, Caihefang Road, Haidian District, Beijing, China 100080 Phone: +86 10 82600828 ● Fax: +86 10 82601570 ● www.researchinchina.com ● [email protected] Selected Charts

• Electric Bus (Battery Electric & Plug-in) Sales Volume of Zhengzhou Yutong Bus, 2011-2017 • Percentage of Electric Bus Sales of Zhengzhou Yutong Bus, 2014 -2017 • Output of Zhengzhou Yutong Bus (by Model), 2011-Mar 2018 • Sales Volume of Zhengzhou Yutong Bus (by Purpose), 2011-2017 • Sales Structure of Zhengzhou Yutong Bus (by Purpose), 2011-2017 • Capacity and Utilization Rate (Including Electric Bus) of Zhengzhou Yutong Bus, 2017 • Operating Results of BYD, 2012-2018Q1 • Revenue Structure of BYD (by Business), 2013-2017 • Gross Margin of BYD (by Business), 2011-2017 • Electric Bus Output of BYD, 2012-2017 • Maj or New Energy Buses o f BYD • Cost Breakdown of BYD K9 Battery Electric Bus • BYD’s Power & Energy Storage Battery Business Scale, 2011-2017 • Technical Parameters of Ferric Manganese Phosphate Lithium Batteries • Capacity, Weight and Costs of BYD Power Battery Packs • Electric Vehicle Sales Volume of BYD, 2011-2017 • Equity Structure of Xiamen King Long Motor Group, 2017 • Main Financial Indexes of Xiamen King Long Motor Group, 2010-2018Q1 • Revenue Breakdown of Xiamen Kinggg Long Motor Grou pyg,p by Region, 2011-2017 • Electric Bus Sales Volume of Xiamen King Long Motor Group, 2011-2017 • New Energy Bus Sales Volume of Xiamen King Long Motor Group (by Length), 2015-2017 • Average Selling Price of New Energy Buses of Xiamen King Long Motor Group (by Length), 2015-2017 • New Energy Bus Sales Volume of Xiamen King Long Motor Group (by Purpose), 2015-2017 • Average Selling Price of New Energy Buses of Xiamen King Long Motor Group (by Purpose), 2015-2017 • Series-parallel Power Hybrid System of Xiamen Bus Room 509, 1+1 Building, No. 10, Caihefang Road, Haidian District, Beijing, China 100080 Phone: +86 10 82600828 ● Fax: +86 10 82601570 ● www.researchinchina.com ● [email protected] Selected Charts

• Output of Xiamen King Long Motor Group (by Model), 2010-2018 • Sales Volume of Xiamen King Long Motor Group (by Model), 2009-2018 • Electric Bus Sales Volume of Nanjing Golden Dragon Bus, 2013-2017 • Equity Structure of Zhongtong Bus Holding, 2017 • Operating Results of Zhongtong Bus Holding, 2010-2018Q1 • Revenue Breakdown and Gross Margin of Zhongtong Bus Holding (by Region), 2010-2017 • Electric Bus Output of Zhongtong Bus Holding, 2011-2017 • Proportion of Electric Bus Output of Zhogntong Bus Holding, 2011-2017 • Core Suppliers for Electric Bus of Zhongtong Bus Holding • Sales Volume of Zhongtong Bus Holding, 2012-2018Q1 • EitSttEquity Structure of BiiBeiqi FtFoton MtMotor • Key Financial Indexes of Beiqi Foton Motor, 2012-2018Q1 • Revenue Breakdown of Beiqi Foton Motor (by Product), 2010-2017 • Revenue Breakdown of Beiqi Foton Motor (by Region), 2010-2017 • Electric Bus Output of Beiqi Foton Motor, 2013 -2017 • New Energy Bus Sales Volume of Foton AUV, 2013-2017 • Core Suppliers for Electric Buses of Beiqi Foton Motor • Commercial Vehicle Series of Beiqi Foton Motor • Small Bus Revenue and Sales Volume of Beiqi Foton Motor, 2011-2017 • Medium and Large Bus Revenue and Sales Volume of Beiqi Foton Motor, 2011-2017 • Bus Capacity Layout of Beiqi Foton Motor, 2017 • Equity Structure of Shanghai Sunwin Bus Corporation • Electric Bus Output of Shanghai Sunwin Bus Corporation, 2013-2017 • Output of Shanghai Sunwin Bus Corporation, 2011-2017 • Sales Volume of Shanghai Sunwin Bus Corporation, 2011-2017 Room 509, 1+1 Building, No. 10, Caihefang Road, Haidian District, Beijing, China 100080 Phone: +86 10 82600828 ● Fax: +86 10 82601570 ● www.researchinchina.com ● [email protected] Selected Charts

• Bus (Including Electric Bus) Capacity Layout of Shanghai Sunwin Bus Corporation • Investment Plan of Shanghai Sunwin Bus Corporation • Operating Results of Hunan CSR Times Electric Vehicle, 2011-2017 • Electric Bus Output of Hunan CSR Times Electric Vehicle, 2012-2017 • Core Suppliers for Electric Bus of Hunan CSR Times Electric Vehicle • Electric Bus Capacity Layout of Hunan CSR Times Electric Vehicle • Equity Structure of Anhui Ankai Automobile, 2017 • Key Financial Indexes of Anhui Ankai Automobile, 2010-2018Q1 • Revenue Breakdown of Anhui Ankai Automobile (by Product), 2009-2017 • Revenue Breakdown of Anhui Ankai Automobile (by Region), 2011-2017 • Electric Bus Output of Anhui Ankai Automobile, 2012-2017 • Core Suppliers for Electric Buses of Anhui Ankai Automobile • Output of Anhui Ankai Automobile (by Model), 2011-2018Q1 • Sales Volume of Anhui Ankai Automobile (by Model), 2010-2018Q1 • Capacity Layout (Including Electric Bus) of Anhui Ankai Automobile • Electric Bus Output of Jinhua Youngman Automobile Manufacturing, 2014-2017 • Core Suppliers for Electric Buses of Jinhua Youngman Automobile Manufacturing • Output of Jinhua Youngman Automobile Manufacturing (by Model), 2010-2017 • Sales Volume of Jinhua Youngman Automobile Manufacturing (by Model), 2010-2017 • Capacity Layout of Jinhua Youngman Automobile Manufacturing • Operating Results of Chongqing Hengtong Bus, 2012-2017 • Electric Bus Sales Volume of Chongqing Hengtong Bus, 2012-2017 • Operating Results of Electric Bus Business of Chongqing Hengtong Bus, 2012-2017 • Output of Chongqing Hengtong Bus (by Model), 2011-2017 • Sales Volume of Chongqing Hengtong Bus (by Model), 2011-2017 Room 509, 1+1 Building, No. 10, Caihefang Road, Haidian District, Beijing, China 100080 Phone: +86 10 82600828 ● Fax: +86 10 82601570 ● www.researchinchina.com ● [email protected] How to Buy

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